BeIN Media Group is looking to sell part of Miramax, Deadline has confirmed.
We hear this is a strategic move, and one that was initiated because BeIN was approached by interested parties.
The studio is being valued at $650M, and BeIN is trying to sell as much as 50%, one in which they would retain control. Investment bank Moelis & Co. is overseeing the sale of the Oscar-winning studio that was built by Harvey and Bob Weinstein and birthed such blockbuster and award-winning hits as Pulp Fiction, Shakespeare in Love, The English Patient, and Chicago.
Recently, Miramax reaped great success in the Blumhouse/Universal co-production reboot of Halloween which grossed $255.4M WW off a $10M production cost, the most successful movie ever in the horror franchise. Next up for Miramax is the Guy Ritchie directed The Gentleman ne Toff Guys which STX is distributing stateside next year.
In 2014, two years before it acquired Miramax, BeIN Media Group was founded in Qatar. Before it invested in Miramax, the company used sports as an entry point into the media business. BeIN Sports quickly accumulated a wide range of global sports rights, particularly soccer.
Through 60 channels in 43 countries and in seven languages, the company says it now reaches more than 55 million subscribers. In 2016, it acquired Digiturk, the leading pay-TV operator in Turkey.
Last month, French prosecutors filed preliminary charges against Yousef al-Obaidly, CEO of beIN, for his role in an alleged bribery scheme related to Qatar’s winning bid to host track and field’s world championships. Qatar is set to host soccer’s World Cup in 2022.
The charges against al-Obaidly do not necessarily mean he will be tried. In a statement, he called the allegations “baseless and unsubstantiated” and said they will be “vehemently challenged using the full force of the law.”
Dade Hayes contributed to this report